Ecological innovation for environmental sustainability and human capital development: the role of environmental regulations and renewable energy in advanced economies

Figures & data

Table 1. Description and data sources of the variables.

Variables	Description	Data source
1. Green Innovation GINV	Patents Data	OECD
2. Clean Energy CENG	Renewable energy consumption(% of total final energy usage)	WDI
3. Environmental tax ENTX	Environment-related tax revenue(% of total tax revenues)	OECD
4. Environmental Sustainability	Haze pollution PM2.5	WDI DV1
5. Social well-being through the Human development index	HDI	Penn world table
6. Foreign Direct Investment	FDI as a control variable	WDI

Note: Data is taken from 1990 to 2019.

Table 2. Results of cross-sectional dependence test.

Variable	t-statistics (sig.)
GINV	29.205***
CENG	33.248***
ENTX	21.669***
HPOL	30.637***
HDI	26.207***
FDI	31.689***

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Table 3. Unit root test output for Psarian’s test.

Variables	Level I(0)			First Difference I(1)
	CIPS	M-CIPS			CIPS	M-CIPS
GINV	−3.628***	−6.257**			–	–
CENG	−4.528***	−5.357**			–	–
ENTX	−3.662***	−6.258**			–	–
HPOL	−3.578***	−7.518*			–	–
HDI	−4.072***	−6.207**			–	–
FDI	−3.668***	−5.662***
Variables	Z	Pm	p	Z	Pm	p
GINV	0.108	0.352	19.505	−2.982***	6.508***	77.205***
CENG	1.013	−0.627	25.075	−8.203***	3.257***	56.278***
ENTX	0.168	0.708	15.638	−5.538***	9.528***	71.053***
HPOL	0.418	0.805	18.208	−5.206***	8.509***	61.082***
HDI	0.228	0.619	19.228	−3.993***	4.528***	68.205***
FDI	0.159	0.358	19.528	−2.987***	−5.159***	−71.320***

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Table 4. Slope heterogeneity.

DV: HPOL	t-statistics
Δ tilde	36.207***
Δ tilde Adjusted	29.278***
DV: HDI
Δ tilde	30.628***
Δ tilde Adjusted	28.207***

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Table 5. Westerlund and Edgerton (2008) panel cointegration analysis.

Dependent Variable: HPOL	No break	Mean shift	Regime shift
Zφ(N)	−4.320***	−3.269***	−5.258***
Sig.	(0.000)	(0.000)	(0.000)
Zτ(N)	−4.258***	−4.510***	−6.368***
Sig.	(0.000)	(0.000)	(0.000)
Dependent Variable: HDI	No break	Mean shift	Regime shift
Zφ(N)	−4.082***	−3.662***	−2.982***
Sig.	(0.000)	(0.000)	(0.000)
Zτ(N)	−3.072***	−3.159***	−4.517***
Sig.	(0.000)	(0.000)	(0.000)

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Table 6. Results of Banerjee and Carrion-i-Silvestre’s cointegration analysis.

DV: HPOL	A	B	C	D	E	F
Full Sample	−4.204***	−6.207***	−5.627***	−3.257***	−4.268***	−6.257***
Belgium	−5.350***	−3.252***	−5.157***	−5.357***	−4.107***	−5.207***
Canada	−6.278***	−5.207***	−7.509***	−6.207***	−5.309***	−5.033***
France	−3.208***	−5.008***	6.357***	−4.218***	−7.559***	−6.876***
Germany	−3.610***	−4.119***	−6.382***	−6.092***	−5.357***	−3.229***
Italy	−6.257***	−3.668***	−4.507***	−5.108***	−4.357***	−6.887***
Japan	3.205***	−5.2018***	−3.625***	−7.108***	−4.008***	−6.357***
Netherlands	−3.668***	−4.263***	−5.605***	−5.306***	−6.205***	−3.669***
Sweden	−3.552***	−5.209***	−7.616***	4.505***	−6.205***	−7.516***
Note:

Note: A&D; No deterministic specification, B&E; With constant, C&F; With the trend, Critical Value (CV) at 5%** and 10% *with constant is −2.32, −2.18 and with the trend is −2.92 and − 2.82.

Table 7. Results of CS-ARDL analysis (long run CS-ARDL results).

DV: HPOL	Coefficients	DV: HDI	Coefficients
GINV	−0.428**	GINV	0.174**
CENG	−0.527*	CENG	−0.119**
ENTX	−0.301**	ENTX	0.301
FDI	0.493**	FDI	0.228**
CSD-Statistics p-value	0.351	CSD-Statistics p-value	0.128

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Table 8. Results of CS-ARDL analysis (short run CS-ARDL results).

DV: HPOL	Coefficients	DV: HDI	Coefficients
GINV	−0.137*	GINV	0.108**
CENG	−0.237**	CENG	−0.027*
ENTX	−0.193*	ENTX	0.276
FDI	0.183**	FDI	0.123*
CSD-Statistics p-value	0.307	CSD-Statistics p-value	0.118

Note: significance level at 1%, 5% and 10% are explained by ***, ** & * respectively.

Westerlund, J., & Edgerton, D. L. (2008). A simple test for cointegration in dependent panels with structural breaks. Oxford Bulletin of Economics and Statistics, 70(5), 665–704. https://doi.org/10.1111/j.1468-0084.2008.00513.x

 Web of Science ®Google Scholar